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post-election comments tomorrow afternoon about what he thinks needs to be done to avoid the so-called fiscal clef that could plunge the economy back into recession. he is expected to urge congress to pass a bill preventing bush era tax cuts from expiring for all but the wealthiest americans. the newly reelected president and congress face the january 1 deadline to avoid a combination of tax increases and spending cuts that all sides agree would undermine the military and other basic government functions. here's a closer look at how dire that nightmare scenario could be of nothing is done. a report from the congressional budget office says the jobless rate would jump to 9.1% if no deal is reached. analysts say it would cut the federal deficit by more than $500 billion by next september. the adjustments would also cause the economy to shrink by 0.5% next year. but now that the election is over, washington's power players are figuring out what the future holds. secretary of state hillary clinton and treasury secretary timothy geithner have expressed the desire to step down. today,
outside the agency was notified before election day. >> it is very troubling on the face of it. there are a lot of facts that need to be developed. >> despite the political firestorm brewing, it appears the investigation did follow proper protocol. >> it is not appropriate for the fbi or justice department while an investigation is ongoing to be telling third parties about what is happening. >> , touch with its burger is slated to meet with the head of the fbi -- congressman dutch ruthlesberge is slated to meet with the head of the fbi. >> while this election is done, some are already thinking about potential 2016 candidates. gov. martin o'malley is being included as a democrat possibly eyeing the white house. and a new survey of 400 iowa democrats, it shows hillary clinton as the clear favorite in the 2016 caucuses. the maryland governor did not fare well in that ceremony. he got 4% in the poll of a hypothetical run. he drew not sure responses. >> you amde need to think of another way to get to work tomorrow after to water main break. the first happened in baltimore city at ma
guard. >> the president accepted petraeus' resignation on the same day he offered his first post-re-election comments on the fiscal cliff. authorities described the fiscal cliff as a doomsday scenario that would initiate tax increases that could affect your job, your 401k, and your wallet. nearly 90% of u.s. households could see taxes go up around $3,500 next year. the uncertainty could also affect holiday shopping. the budget office warns the fiscal cliff could cause the economy to slide back into a recession and raise the unemployment rate to 9.1%. >> more will be taken out of your check. you will have less to spend. the impact will be substantial. think about the coffee shop across the street from the plant that makes weapons. the ripple effect on communities, workers, and families. >> if washington cannot get a deal done before january and we do go off the cliff, maryland would hit the ground harder than many other states. >> the question is, why? a closer look at the potential impact. >> maryland has strong financial ties to the federal government. if washington cannot cut this deal, ex
. >> stocks went down today after the election. if lawmakers did not learn how to play nice soon, it could have a direct impact on all of our finances. >> on the day after president barack obama won his second term, the stock market shuddered. by the closing bell, the three major indexes had plunged. the dow falling more than 300 points. french markets were afraid. >> i think everybody would try to figure out where we are economically. >> that fiscal cliff, $600 billion in automatic tax hikes and spending cutbacks set to kick in january 1 unless lawmakers take action. investors are worried a lame duck session of a divided congress and the reelection of the status quo means no budget compromise now or later. >> the same people who could not agree for the past two years now have to agree on something between now and the first of january. otherwise there will be huge cuts in the federal budget which the congressional budget office says will likely throw us back into a recession. >> problems in europe did play a part in the fall of but investors are leery that this term to me more energy regul
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